In the midst of one of the toughest economic periods in decades, Procter & Gamble Co.’s 13-member board on Tuesday elected Robert McDonald president and chief executive officer, succeeding A.G. Lafley, who will remain as chairman. McDonald, P&G’s chief operating officer, will begin his new role July 1.
In a conference call Wednesday with the investment community, Lafley expressed his confidence in the board’s decision saying, “We are obviously in the midst of a challenging time, but I believe it is the right time for a change….Bob is the right leader at the right time.”
McDonald said he is focused on preserving the core strategies at the firm, spelling out six points in particular. The first is filling white space where there are opportunities, such as Beauty & Grooming, a $250 billion industry, one where P&G’s market share is 15 percent.
Second is building upon the firm’s 27 various $1 billion brands, with a goal to end the decade with 30 or more of them. Growing in emerging markets was a third point, where McDonald explained that P&G is serving a little more than three billion of the six billion people in these regions, and that if P&G could increase spending levels in China and India to match those of Mexico, it would generate an increase of $40 billion in annual sales. The firm had $83.5 billion in sales for its latest fiscal year.
The fourth point was continuing with “big, disruptive innovation,” followed by improving productivity, and continuing to invest in P&G employees.
McDonald said next year will be a year of investing to grow value share and one that reflects “continuity with change.” For example, a focus will remain on “winning with the consumer,” but now it will apply more strongly to emerging markets.
Lafley added that the appointment has been a disciplined process, spanning years and led by the board, beginning as far back as 2000, when he was named ceo.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia